Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 9.5% – Here’s Why

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price was down 9.5% during trading on Thursday . The stock traded as low as $11.68 and last traded at $11.96. Approximately 959,743 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 2,072,166 shares. The stock had previously closed at $13.21.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ARQT shares. Mizuho increased their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

Arcutis Biotherapeutics Stock Down 9.8 %

The company has a market cap of $1.39 billion, a price-to-earnings ratio of -6.67 and a beta of 1.29. The business has a fifty day moving average of $13.63 and a two-hundred day moving average of $11.18. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 16,023 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the transaction, the insider now owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total value of $105,892.60. Following the sale, the insider now owns 178,692 shares of the company’s stock, valued at $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 72,927 shares of company stock valued at $936,675 in the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of large investors have recently made changes to their positions in ARQT. Point72 DIFC Ltd purchased a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $25,000. Venturi Wealth Management LLC purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $46,000. Erste Asset Management GmbH acquired a new stake in Arcutis Biotherapeutics during the third quarter worth about $104,000. Victory Capital Management Inc. raised its stake in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares during the period. Finally, Creative Planning acquired a new position in Arcutis Biotherapeutics in the 3rd quarter valued at about $127,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.